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Genbel South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1949/032379/06)
("the Company")
Repurchase of shares on the open market
Further to the announcement dated 19 February 2001, the Company has now
repurchased 1 458 500 (3,0%) of its own shares on the open market, acting on
the general authority renewed by shareholders at the annual general meeting
held on 12 October 2000 ('the general authority'), and subsequently amended on
15 February 2001.
In accordance with the Listings Requirements of the JSE Securities Exchange
South Africa, the Company discloses the following:
Repurchases of shares
Total number of shares purchased 9 418 841 19,4% of the Company's share
(since the commencement of the capital in issue on the date
share repurchase programme on of renewal of the general
14 February 2000) authority
Number of shares purchased by the 1 458 500 3,0% of the Company's share
Company since 19 February 2001, capital
which are to be cancelled
Total value of shares purchased R23 976 600
since 19 February 2001
Highest price paid since 1 760 cents
19 February 2001
Lowest price paid since 1 615 cents
19 February 2001
Period of repurchases 19 February 2001 - 14 March 2001
Number of shares which may still 3 851 627 7,9% of the Company's share
be repurchased by the Group in capital in issue on the date
terms of the current general authority of renewal of the general
authority
Funds generated in the ordinary course of business were used to fund the share
repurchases.
Directors' statement
The directors have considered the effect of the repurchases and are of the
opinion that:
1. the ability of the Company and its subsidiaries to continue to pay their
debt in the ordinary course of business will not be affected by the repurchases
for the period of twelve months after the date of this announcement;
2. the assets of the Company and its subsidiaries will exceed their
liabilities, measured in accordance with the accounting policies used in the
Company's annual financial statements for the year ending 30 June 2001;
3. the ordinary capital and reserves of the Company are adequate for the
Company's requirements for the period of twelve months from the date of this
announcement; and
4. the working capital of the Company is adequate for the Company's
requirements for the period of twelve months from the date of this announcement
Financial effects of the repurchase
Based on the Company's interim financial statements for the six months ended 31
December 2000, and assuming that the shares had been repurchased on 1 July
2000, the effect on the earnings, headline earnings and net asset value per
share would have been as follows:
(cents per share) Before the After the % Change
repurchases repurchases
Earnings and headline earnings 38 47 23,7
Net asset value 2 069 2 146 3,7
Notes:
1. The 1 458 500 shares repurchased by the Company will be cancelled and
de-listed with immediate effect. After the cancellations, the issued share
capital of the Company will be 44 702 075 ordinary shares.
2. The earnings and headline earnings per share after the repurchases are based
on the Company's issued share capital less shares repurchased.
EH Verbeek Johannesburg
Company Secretary 15 March 2001
Investment bank and sponsor
GENSEC
Gensec Bank Limited
(Registration number 1996/004744/06)
Sponsoring broker in Namibia
Member of the Namibian Stock Exchange
Trading as JPMorgan
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